METLEN Energy & Metals PLC (LSE Listing: MTLN, RIC: MTLN.L, Bloomberg: MTLN.LN | Athens Listing: MTLN, RIC: MTLNr.AT, Bloomberg: MTLN.GA, ADR: MYTHY US) today announced its Trading Update for the nine months ended 30 September 2026.
As the company enters the final quarter of the year, the nine-month results reflect continued progress towards its strategic and operational priorities. METLEN remains focused on execution, commercial growth and achieving its targets for 2026.
- Revenue reached €6.2bn, the highest ever for a nine-month period in the company’s history, up 21% from €5.1bn in 9M 2025, with growth across most of the company’s business segments.
- The shutdown of the company’s largest thermal power plant (HClass) lasted 44 days. Repairs were completed successfully and the plant returned to full operation on 12 October 2026.
- Amid increased market volatility and temporary disruption to the operation of the CCGT units, the strength and resilience of our diversified business model confirm our 2026 EBITDA guidance of €1.00-1.15bn, as well as our medium-term EBITDA target of approximately €1.92-2.08bn.
- Progress was made in the strategic development of METKA Group as an independent infrastructure platform, including the exploration of a potential listing on Euronext Athens to support its growth and financial autonomy.
- Risks in the former MPP business are being reduced, with First Fire achieved at the PROTOS ERF plant in Cheshire and the 560 MW Grudziądz CCGT plant in Poland, while further progress is being made across the rest of the legacy portfolio.
- The strategic asset rotation plan continues to be implemented through the sale to Copec of the Tamarico II hybrid solar and energy storage project in Chile, with a capacity of 165 MW / 725 MWh.
- Momentum in the gallium trading business is strengthening further following a new long-term agreement with a major Japanese chemicals company, with additional offtake agreements expected to be announced shortly.
- The energy storage portfolio is expanding further with the start of large-scale BESS projects in Greece and Italy.
- Gas supply security is being strengthened and supply further diversified through a five-year agreement with PETRONAS for six LNG cargoes a year from 2027.
Executive Chairman Evangelos Mytilineos said: “METLEN continues to execute its strategy consistently and decisively, harnessing the momentum of our diversified business model and the capabilities of our people. Our priorities remain clear: disciplined delivery against our targets, operational excellence and the creation of sustainable long-term value. Despite the challenges and volatility in the environment in which we operate, we remain confident in our ability to respond to market developments and deliver on our commitments.”
More to follow.